Miranda’s Weekly Mex FinTech Monitor 

Mexico FinTech News

Paytech joins forces with PESPay to introduce Cash In and Cash Out, boosting payment methods in Mexico.

Paytech Tapi has forged a strategic alliance with PESPay to integrate Cash In and Cash Out services in Mexico. By offering options for cash deposits and withdrawals through diverse channels, including physical and digital platforms, the partnership aims to address one of FinTech’s main drawbacks in the cash-driven Mexican economy.

Latam FinTech Hub, 02/27/2024, Valentina Arévalo Moreno: Paytech tapi sella alianza con PESPay para incorporar Cash In y Cash Out, impulsando los métodos de pagos en México

 

Billú, Afirme’s Neobank, reached the first 100K downloads and launched the Personalized Billú Card in Mexico

Billú, Afirme’s neobank, has reached 100,000 downloads and launched the Personalized Billú Card in Mexico.

Latam FinTech Hub, 02/13/2024, Adrián Campos: Billú, el Neobanco de Afirme, alcanzó las primeras 100K descargas y lanzó la Tarjeta Personalizada Billú en México

 

FitBank, la plataforma de Banking as a Service brasileña, consolida operaciones en México y se prepara para debutar en Guatemala

Fitbank, a Brazilian Banking-as-a-Service platform, is consolidating its operations in Mexico and preparing for its debut in Guatemala.  Fitbank aims to cater to the evolving needs of financial institutions and businesses in these regions. This strategic move underscores Fitbank’s focus on establishing a strong foothold in key markets across Latin America.

Latam FinTech Hub, 02/14/2024, Álvaro Campos: FitBank, la plataforma de Banking as a Service brasileña, consolida operaciones en México y se prepara para debutar en Guatemala

 

Finnovista published its 2024 Mexico FinTech Radar

The new Finnovista report is out and as always contains useful data even if fails to fully capture the deep challenges of many cash-burning Fintechs without access to new capital. Mexican fintech ecosystem counts 773 local startups and over 217 foreign companies from 22 countries operating in the market. This sector  experienced an 18.4% compound growth from 2019 to 2023, reflecting steady emergence of new fintech projects. In 2024, the ecosystem starts with an 18.9% increase in local startups compared to 2022. The fintech sector anticipates higher revenues in 2024, with a significant rise in companies reporting earnings over $500,000 USD in recent years. Strategic expansion and internationalization are becoming key focuses for fintechs, indicating a maturing ecosystem prioritizing scalability over capital-intensive new products or services. Additionally, the sector shows a commitment to financial inclusion and gender diversity, with fintech products targeting unbanked populations and women holding 28.9% of leadership positions in startups

 

Finnovista Fintech Radar 2024 da a conocer su informe (pronetwork.mx)

 

Other news

Contxto, 02/16/2024, Staff: Mexico’s FinTech Ecosystem Nears 1,000

Contxto, 02/15/2024, Staff: Paytech Coba Raises $2.2M to Empower Cross-Border Finance in Latin America

FinTech Expert, 02/12/2024, Staff: Nubank en Ruta para Dominar el Mercado Financiero de LatAm

 

LatAm FinTech News

Colombian FinTech Guama launches its physical and virtual credit card hand in hand with Pomelo

Guama, a Colombian FinTech company, has launched its physical and virtual credit cards in collaboration with Pomelo.

Latam FinTech Hub, 02/14/2024, Staff: FinTech colombiana Guama lanza su tarjeta de crédito física y virtual de la mano de Pomelo

 

Brazilian FinTech Koin Expands Services and Aims to Double Credit Volume in 2024

Brazilian FinTech Koin is embarking on a journey to expand its services and substantially boost its credit volume in the year 2024.

Contxto, 02/16/2024, Staff: Brazilian FinTech Koin Expands Services and Aims to Double Credit Volume in 2024

 

Other news 

FinTech Futures, 02/16/2024, Tyler Pathe: Colombia’s Bold bags $50m Series C for next phase of growth

Latam FinTech Hub, 02/14/2024, Christine Hall: Bold, la FinTech que construye infraestructura de pagos electrónicos en Colombia, recaudó US$50M para hacer crecer los pagos digitales en el país

 

Nubank sets sights on becoming Latin America’s biggest financial group (FT)

https://www.ft.com/content/87e13cc7-ce1e-42a4-aeb7-992ad1ca44b9

 

Global FinTech News 

European Parliament authorises new regulations for instant money transfers

The European Parliament has approved new regulations aimed at facilitating instant money transfers within the European Union. These regulations are expected to enhance the efficiency and security of cross-border payments, making them faster and more accessible for consumers and businesses.

FinTech Futures, 02/12/2024, Cameron Emanuel-Burns: European Parliament authorises new regulations for instant money transfers

 

Virgin Money buys out Abrdn stake in investments joint venture

Virgin Money, a prominent financial institution, has acquired the remaining stake held by ABRDN (formerly Standard Life Aberdeen) in their investments joint venture. This move allows Virgin Money to take full control of the joint venture, which focuses on providing investment services to Virgin Money’s customers.  FinTech Futures, 02/15/2024, Tyler Pathe: Virgin Money buys out Abrdn stake in investments joint venture

 

Other news

FinTech Futures, 02/14/2024, Tyler Pathe: Digital business bank Grasshopper partners Greenlite for AI-powered due diligence tech

FinTech Futures, 02/16/2024, Cameron Emanuel-Burns: RockWallet bags former Wyre users after acquiring the firm’s full customer base

FinTech Futures, 02/13/2024, Cameron Emanuel-Burns: Nordic Capital snaps up Canadian SaaS FinTech Zafin